Nigerian Stock Exchange Rises As Investors Make N34.4bn

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian Exchange’s (NGX) equity market capitalization increased by more than N34 billion to N28.68 trillion after five days of trading, with two positive closures and three negative exits.

Buying appetite in mid- to large-cap stocks aided the market’s momentum. Stock market key performance indicators increased more, continuing their upward trend. The NGX All-Share index rose 0.1% week on week to 52,657.88 points, led by increases in DANGCEM, STANBIC, and OKOMUOIL.

According to trading statistics, DANGCEM gained 0.7%, STANBIC gained 4.7%, and OKOMUOIL outperformed with a 9.8% increase in share price. The combined advances increased the stock market’s year-to-date return to 2.75%, following a N34.4 billion gain in two of this week’s five sessions. Except for the Consumer Goods index, investor sentiment was mostly favorable for the majority of the indexes.

MBENEFIT increased by 23% last week, UNILEVER increased by 16%, and GEREGU increased by 15%. NB, on the other hand, fell 10%, while UNITYBNK fell 5%. CADBURY fell 5% after a poor results performance.

As a result, the year-to-date gain is now 2.7%. Trading volume and value fell by 43.3% and 25.6% week on week, respectively, indicating a lack of activity. Sector performance was generally good, with the Oil & Gas index rising 1.7% and TOTAL’s share price rising 5.5%. In addition, ETERNA’s stock price increased by 4.2%.

With Fidelity Bank up 8% and FCMB up 3.5%, the banking index rose 1.6%, with the Insurance sector up 0.8%. The Industrial Goods sector increased by 0.4%. Meanwhile, the Consumer Goods sector fell 1.1%.

According to stockbrokers’ reports, trading activity in the equities market was down for another week. The total number of transactions declined by 1.68% week over week to 18,248.

Stockbrokers reported a 39.02% decrease in trading volumes to 756.77 million and N9.86 billion, signifying a 37.1% decrease when compared to the level of activity reported in the previous week.

LEAVE A REPLY

Please enter your comment!
Please enter your name here